Row rect Shape Decorative svg added to bottom DEALS Cutting the perfect deal, flawless in its execution Absa | Corporate and Investment Banking > Insights and Events > Cutting the perfect deal, flawless in its execution SHARE We are proud to have successfully assisted Petra Diamonds in structuring and executing a tender offer to holders of their existing bonds. The transaction was a $146m buyback funded by available cash on balance sheet. The client’s vision was to utilise recent strong performance to reduce gross debt in the business and optimise the capital structure by reducing the absolute debt levels, lowering cost of debt, and reducing future refinancing risk on the target bonds. On conclusion, the company successfully repurchased their bonds, lowering interest cost and reducing refinancing risk. We acted as Dealer Manager of the liability management and as sole 1st Lien Lender, providing the required consent to allow the transaction to move forward. We were able to leverage our deep local understanding of the client and their business while providing relevant international market colour to help form the execution strategy for the transaction. We were able to activate our US and UK salesforces in order to engage global investors, leveraging our international platform. That’s Africanacity. Contact Victor Germeshuizen https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles DEALS Building Namibia’s fiscal strength through purpose-led partnership Supporting the Government of the Republic of Namibia with a ZAR 1.5 billion facility that enables Eurobond repayment obligations and strengthens domestic fiscal resilience. Read more DEALS Distributed Energy. Powering Africa’s low-carbon leap Absa supports CrossBoundary Energy’s $225 million capital raise, contributing up to $100 million to expand renewable infrastructure, enable the mining of critical transition metals such as copper, and extend energy access across underserved African markets. Read more DEALS Seeding success through inclusive partnerships Absa has partnered with HEINEKEN Beverages on a R1.2 billion initiative to support black-owned SMEs across South Africa. As the Fund Administrator, Debt Funder, and Strategic Enabler, Absa will manage two development funds - the Supplier Development Fund and the Enterprise Development Fund to empower at least 125 black-owned SMEs. Read more
